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MarketScreener Homepage  >  Equities  >  OTC Bulletin Board - Other OTC  >  Vystar Corporation    VYST

VYSTAR CORPORATION

(VYST)
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VYSTAR CORP : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant (form 8-K)

02/23/2021 | 05:24pm EST

Item 1.01 Entry into a Material Definitive Agreement



Rotmans


Vystar owns 58% of the issued and outstanding shares of Rotmans.

PPP Loan. On April 16, 2020, Rotmans received $1,402,900 in loan funding from the Paycheck Protection Program (the "PPP"), established pursuant to the recently enacted Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") and administered by the U.S. Small Business Administration ("SBA"). The unsecured loan (the "PPP Loan") was evidenced by a promissory note of the Company dated April 16, 2020 in the principal amount of $1,402,900 with United Community Bank. This loan was completely forgiven on January 11th, 2021.

On February 2, 2021, Rotmans received a $1,402,900 in a second round of loan funding from the PPP established pursuant to the CARES Act and administered by the SBA. The unsecured loan (the "Second PPP Loan") is evidenced by a promissory note of the Company (the "Second PPP Note") in the principal amount of $1,402,900 with United Community Bank. Under the terms of the Second PPP Note and the Second PPP Loan, interest accrues on the outstanding principal at the rate of 1.0% per annum. The term of the Second PPP Note is two years, although it may be payable sooner in connection with an event of default under the Second PPP Note. To the extent the loan amount is not forgiven under the PPP, Rotmans is obligated to make equal monthly payments of principal and interest, beginning seven months from the date of the Second PPP Note, until the maturity date. The Note may be prepaid in part or in full, at any time, without penalty. The Note provides for certain customary events of default.

Item 2.03 Creation of a Direct Financial Obligation or an obligation under an Off-Balance Sheet Arrangement of a Registrant

On October 7, 2020, the Company disclosed that it entered into a $630,000 promissory note for a loan made by the President of the Company, Steven Rotman, at 5% note payable at maturity no later than July 1, 2021. On February 22nd, 2021, the Company entered into an additional loan with the Mr. Rotman on the following terms: a $568,000 promissory note for a loan made by the President of the Company, Steven Rotman, at 5% note payable at maturity no later than February 22nd, 2022. This brings the total of the two loans to $1,198,000.

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2019 13,7 M - -
Net income 2019 -7,70 M - -
Net Debt 2019 14,7 M - -
P/E ratio 2019 -1,47x
Yield 2019 -
Capitalization 51,8 M 51,8 M -
EV / Sales 2018 8,16x
EV / Sales 2019 1,99x
Nbr of Employees 126
Free-Float 91,2%
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Managers and Directors
NameTitle
Steve Rotman President, Chief Executive Officer, CFO & Director
Joseph C. Allegra Chairman
Ranjit K. Matthan Independent Director
Bryan Stone Independent Director
Byron L. Novosad Director
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